Global Residential Digital Faucets Market 2017-2021
About Residential Digital Faucets
Digital faucets are equipped with digital screens or smart sensors. They can be operated by means of a manual touch, hand sensing (automatic), or using smart devices. Digital faucets are used for residential applications. They are also known as automatic faucets, touch-free faucets, or touchless faucets. The global residential digital faucets market includes faucets that are manufactured and sold for household applications. The market covers regions such as the Americas, EMEA, and APAC. In the report, the market has been segmented by application, mode of operation, geography, mounting type, and distribution channel
Technavio’s analysts forecast the global residential digital faucets market to grow at a CAGR of 10.32% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global residential digital faucets market for 2017-2021. To calculate the market size, the report considers the value sales of residential digital faucets used in bathrooms and kitchens.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residential Digital Faucets Market 2017-2021
Technavio recognizes the following companies as the key players in the global residential digital faucets market: LIXIL Group, Masco, Spectrum Brands, and Zurn Industries
Other Prominent Vendors in the market are: Bela Sanitary Ware, BRIZO KITCHEN & BATH COMPANY, Freuer Faucets, Jaquar, Premier Faucet, and Wenzhou Rozin Sanitary Wares.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing online sales of digital faucets. The increasing online sales of digital faucets is an emerging trend that is expected to drive the global residential digital faucets market during the forecast period. Key leading vendors in the market such as Masco, LIXIL Group, and Spectrum Brands have shifted their business models toward the sale of products through online distribution channels. These vendors have a tie-up with various e-retailers such as Amazon.com, Home Depot Product Authority, build.com, and Lowe's to promote and market faucets and fittings.”
According to the report, one of the major drivers for this market is Product innovation and wide product assortment leading to product premiumization. Manufacturers are offering a wide product assortment and innovative products to combat the growing competition from rivals in the market. Vendors in the market for residential digital faucets, especially kitchen and bathroom faucets, are gradually synchronizing with dynamic customer preferences and demands. They are constantly focusing on designing and manufacturing new innovative products. For instance, Masco, a key vendor in the market, offers innovative products under multiple brands such as AXOR, Delta Faucet, Ginger, Bristan Group, Newport Brass, Peerless, Hot Spring, Mirolin Industries, and Hansgrohe International.
Further, the report states that one of the major factors hindering the growth of this market is Rising raw material prices leading to increased production costs. One of the major operational challenges faced by manufacturers in the global residential digital faucets market is rising raw material and manufacturing costs. The raw materials used to manufacture digital faucets include sensors, touch as well as digital panels, and the metallic body, which are expensive. The rise in the prices of raw materials further increases the manufacturing cost. The manufacturing cost also increases with the rise in the prices of metals such as aluminum, iron, and copper. High manufacturing costs affect the profit margins for manufacturers and retailers. Thus, manufacturers need to produce and promote a certain number of units to maintain an optimum profit margin.
LIXIL Group, Masco, Spectrum Brands, Zurn Industries, Bela Sanitary Ware, BRIZO KITCHEN & BATH COMPANY, Freuer Faucets, Jaquar, Premier Faucet, and Wenzhou Rozin Sanitary Wares.